Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table represents a disaggregation of revenue earned from contracts with customers during the three and nine months ended September 30, 2020 and 2019 (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
LNG revenues (1)	$	1,344	$	1,995	$	6,088	$	6,142
Regasification revenues	67		66		202		199
Other revenues	10		17		48		53
Total revenues from customers	1,421		2,078		6,338		6,394
Net derivative gains (2)	29		64		148		233
Other (3)	10		28		85		96
Total revenues	$	1,460	$	2,170	$	6,571	$	6,723

(1)    LNG revenues include revenues for LNG cargoes in which our customers exercised their contractual right to not take delivery but remained obligated to pay fixed fees irrespective of such election. LNG revenues during the three and nine months ended September 30, 2020 included $171 million and $932 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $47 million would have otherwise been recognized subsequent to September 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2020 excluded $458 million in prior period cancellations that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers. Revenue is generally recognized upon receipt of

irrevocable notice that a customer will not take delivery because our customers have no contractual right to take delivery of such LNG cargo in future periods and our performance obligations with respect to such LNG cargo have been satisfied.

(2)    See Note 6—Derivative Instruments for additional information about our derivatives.

(3)    Includes revenues from LNG vessel subcharters. See Note 11—Leases for additional information about our subleases.

Contract Assets

The following table shows our contract assets, net, which are classified as other non-current assets, net on our Consolidated Balance Sheets (in millions):

	September 30,		December 31,
	2020		2019
Contract assets, net	$	64	$	18

Contract Liabilities

The following table reflects the changes in our contract liabilities, which we classify as deferred revenue on our Consolidated Balance Sheets (in millions):

	Nine Months Ended September 30, 2020
Deferred revenues, beginning of period	$	161
Cash received but not yet recognized	179
Revenue recognized from prior period deferral	(161)
Deferred revenues, end of period	$	179

Transaction Price Allocated to Future Performance Obligations

The following table discloses the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of September 30, 2020 and December 31, 2019:

	September 30, 2020			December 31, 2019
	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)	Unsatisfied Transaction Price (in billions)		Weighted Average Recognition Timing (years) (1)
LNG revenues	$	103.2	10	$	106.4	11
Regasification revenues	2.2		5	2.4		5
Total revenues	$	105.4		$	108.8

(1)    The weighted average recognition timing represents an estimate of the number of years during which we shall have recognized half of the unsatisfied transaction price.